Oil & Gas

Indigenous firms’ annual investments may reach $1.5b by 2014

Aug 21, 2013

The indigenous operators in the nation’s petroleum sector may be bracing up for a big challenge in the next few months, if the legislative framework is institutionalised as expected. However, the operators who were apparently aggrieved with the delay in the passage of the Petroleum Industry Bill (PIB) alleged that some factions of the legislators…

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Navy parades four suspected pirates in Lagos

Aug 21, 2013

The Nigerian Navy on Tuesday paraded four suspected sea robbers who had allegedly hijacked a barge (huge boat) MV Crow, on August 14, 2013 at Escravos River located on the Gulf of Guinea. The PUNCH had reported that the men of the Nigerian Navy killed some sea robbers during a 30-minute gun duel on August…

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PENGASSAN blames kerosene scarcity on poor state of refineries

Aug 20, 2013

The Petroleum and Natural Gas Association of Nigeria (PENGASSAN) has blamed the scarcity of kerosene on the poor state of refineries. Its General Secretary, Bayo Olomoshule, said the refineries inability to function optimally was responsible for the products. He told The Nation that the conflict between the government and importers over subsidy, and alleged substitution of kerosene…

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FG urged to review gas strategy as the US builds reserves

Aug 20, 2013

Nigeria’s gas market appears threatened as it faces potential competition from the United States(US). US’s decision to open up its gas resources for exploration will increase its reserves from 229 trillion cubit feet to 312 trillion cubic feet by 2035, and the new resource is likely to compete with Nigeria’s liquefied natural gas in the international market.…

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Support gathers for PIB, as IOCs commit further to Nigeria – Membere

Aug 20, 2013

The Petroleum Industry Bill (PIB) is approaching its third reading, but its secure passage out of the legislative mire and into law is not yet guaranteed. The chance of failure, though, is now getting slimmer. This is because the coalition of support behind the bill is growing – it is now very cross-party in character.…

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Ten firms compete for Chevron’s onshore assets in the Niger Delta

Aug 20, 2013

About 10 Nigerian independent companies are said to be currently in the final battle for the acquisition of Chevron Nigeria’s 40per cent stake in three Oil Mining Leases (OMLs) 52, 53 and 55 located in the Eastern Niger Delta, following the failure of over 20 other bidders to scale through the first round of the…

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NNPC, oil majors urged to bury pipelines deeper to check oil theft

Aug 20, 2013

The Nigerian National Petroleum Corporation (NNPC) and multinational oil companies operating in Nigeria’s oil and gas industry have been urged to bury the pipelines deeply underground, to make them inaccessible to oil thieves and vandals. Stakeholders at the recent community-focused conference on ‘Oil Theft and Illegal Oil Bunkering’, organised by the office of the Special…

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Eland cuts forecasts after delays in bringing Nigerian oil field on stream

Aug 19, 2013

Eland Oil & Gas, the Aberdeen-based firm active in Nigeria, has cut production forecast for 2013 after delays in its campaign to bring an oil field back on stream. However, chief executive Les Blair said work on the scheme to revamp the Opuama field is gathering pace and the longer term prospects for the company’s…

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FG commits N70.2bn euro bond to gas infrastructure

Aug 19, 2013

The Federal Government has announced the allocation of N70.2bn ($450m) for the improvement of gas infrastructure across the country. This, it said, was aimed at addressing the gas supply problems, which have led to a sharp reduction in power generation in the country. The Minister of Power, Prof. Chinedu Nebo, who disclosed this in Abuja,…

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OPEC to trim exports by 190,000 bpd

Aug 16, 2013

The Organisation of Petroleum Exporting Countries, OPEC, will reduce crude shipments this month while refiners in the United States and Europe conduct seasonal maintenance, tanker-tracker, has Oil Movements said. The group, which supplies about 40 per cent of the world’s oil, will cut exports by 190,000 barrels a day, bpd, or 0.8 per cent, to about…

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